Seoul BioHub Launches 'Open Innovation Chain' to Boost Biotech Startup Growth

A new path has opened for startups in the bio-medical sector to make a global leap. Seoul Bio Hub is launching an innovative platform, the 'Open Innovation Chain,' which integrates the concept of a manufacturing supply chain into the bio-ecosystem, thereby laying the groundwork for domestic bio-startups to advance onto the world stage. The Open Innovation Chain, which officially commenced with a launching ceremony at the 20th Hongneung Forum on the 5th, is designed to progressively increase the value of innovative technologies from bio-startups through close collaboration with large and medium-sized domestic companies, ultimately leading them to global big pharma. A key aspect is connecting startups with insufficient capital and domestic large/medium-sized companies with a strong willingness for technology collaboration, facilitating real value creation through the participation of specialized investment institutions. Seoul Bio Hub plans to fully operate the Open Innovation Chain within the year, in partnership with the Korea Innovative Medicines Consortium (KIMCo). To achieve this, seven specialized bio investment institutions, including Daekyo Investment, Shinhan Venture Investment, and Ajou IB Investment, will help alleviate initial funding challenges. Meanwhile, four major large and medium-sized companies—Dong-A ST, Olix, ABL Bio, and Genome & Company—have opened their doors wide for technological collaboration. Many more domestic biotechs and pharmaceutical companies are expected to participate in the future. Furthermore, 12 leading universities and research institutions, including KIST, Seoul National University, Korea University, and Sungkyunkwan University, will contribute to discovering startups and strengthening their capabilities. Linkages with major bio-medical R&D project groups, such as the Korea Drug Development Fund (KDDF) and the Ministry of Health and Welfare's Full-Cycle Medical Device R&D Project Group (KMDF), will also be strengthened. Seoul Bio Hub, which will commence full-scale recruitment of startups in the second half of the year, will support the growth of selected companies by offering joint research support, linking them to investment attraction through matching with specialized investors, and providing various membership benefits. Kim Hyun-woo, Head of the KIST Seoul Bio Hub Project Group, expressed his ambition, stating, "The Open Innovation Chain will establish a practical open innovation ecosystem to create innovative pipelines with global competitiveness and ensure bio-startups are fully prepared to leap into the global market." This initiative is expected to inject new vitality into the domestic bio-startup ecosystem and become a significant turning point in elevating its global competitiveness.